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FINANCIALS
Bovie Medical Corporation Announces
Move To The American Stock Exchange
Move To The American Stock Exchange
Melville, New York, November 5, 2003
Bovie Medical Corporation (“the Company”) (Amex Symbol: BVX), a premier manufacturer and marketer of electrosurgery products today listed its common stock on the American Stocks Exchange® (Amex®) under the ticker symbol BVX.
“We are excited to be joining the American Stock Exchange today,” said Andrew Makrides, president of Bovie Medical Corp. “We chose the Amex because of their commitment to the success and service of their listed companies. Our listing on the Amex will ensure our shareholders the liquidity and stability of a national exchange as well as the broadening of the investor base of potential investors. We look forward to a long and rewarding relationship with the Amex.”
The Company recently announced record revenues for the first nine months of fiscal 2003 totaled a record $12.4 million, representing an increase of 33% over the comparable period last year as well as record net income of $944,324 or $.06 per diluted share.
Bovie Medical Corporation is actively engaged in the business of manufacturing and marketing a variety of electrosurgical medical products as well as developing related technologies and products. The largest manufacturer of hand-held disposable cauteries; the Company has successfully shifted its focus to the manufacture and marketing of electrosurgical generators and disposables. Bovie manufactures and markets its products both under private label and the Bovie/Aaron label to medical companies worldwide.
The specialist in Bovie Medical Corporation will be AGS Specialist Partners. For further information on BVX and other Amex-listed companies, please visit www.amex.com.
Bovie Medical Corporation Announces Record
Third Quarter And Nine Month Financial Results
Third Quarter And Nine Month Financial Results
Melville, New York, November 3, 2003
Bovie Medical Corporation (“the Company”) (OTC Bulletin Board: BOVI), a premier manufacturer and marketer of electrosurgery products today announced its financial results for the third quarter and nine months, ended September 30, 2003.
Revenues for the third quarter increased 42% to a record $4.3 million compared to $3.0 million recorded in the same period last year. Net income increased to $423,233 or $.03 per diluted share compared to a net loss of $64,549 or $(.00) per share for the third quarter of fiscal 2002.
Revenues for the first nine months of fiscal 2003 totaled a record $12.4 million, representing an increase of 33% over the $9.3 million recorded in the comparable period last year. Net income increased to a record $944,324 or $.06 per diluted share compared to a net loss of $174,154 or $(.01) per share in 2002.
“Our strong financial performance was again led by a continued increase in electrosurgery sales,” said Andrew Makrides, president of Bovie Medical.
He added, “Approaching the end of our fiscal year, we are enthused by our increasing product pipeline that will serve a variety of niche markets within the medical industry. Furthermore, we are confident that the Company is well-positioned to meet its year-end financial objectives and to enter 2004 with growing sales momentum.”
Bovie Medical Corporation Announces Acquisition of Exclusive Worldwide
License to Manufacture And Market Innovative Suture Removal Device
License to Manufacture And Market Innovative Suture Removal Device
Melville, New York, October 24, 2003
Bovie Medical Corporation (“the Company”) (OTC Bulletin Board: BOVI), a premier manufacturer and marketer of electrosurgery products and the largest manufacturer of disposable cauteries in the world has entered into an exclusive worldwide license agreement with Emergency Medical Innovations, LLC to manufacture and market a patent pending disposable suture removal device. The device, once cleared for marketing by the Food & Drug Administration, will reduce the time directed towards removing stitches in a doctor’s office, medical clinic or Emergency room. The device is designed to remove sutures with a faster tension free cut and will be utilized in various medical procedures on humans and animals.
“This suture removal device is consistent with our strategy of marketing products from the Company’s core competencies that service large niche markets within the medical industry. In addition, it utilizes our cautery manufacturing expertise; thus, a logical extension to Bovie’s product line. We are committed to broadening Bovie’s portfolio of innovative products and technologies,” stated J. Robert Saron, president of Aaron Medical, a Bovie Medical wholly-owned subsidiary.
In other news, Aaron Medical was presented with the Promotion of the Year award by the Health Industry Distributors Association for its “Sleep Well You Bought a Bovie” promotion. Honorable mention went to Roche Diagnostics and Welch Allyn, Inc.
Bovie Medical Corporation To Report Record Results
For The Third Quarter And Nine Months: Expands Board of Directors
For The Third Quarter And Nine Months: Expands Board of Directors
Melville, New York, October 7, 2003
Bovie Medical Corporation (“the Company”) (OTC Bulletin Board: BOVI), a premier manufacturer and marketer of electrosurgery products today announced that it expects to report record revenues and profits for the third quarter and nine month periods, ended September 30, 2003 when compared to the comparable periods last year. The increase in revenues was led by higher sales of electrosurgical products. The Company will be reporting its financial results in November.
In unrelated news Brian Madden, President and principal of Liberty Title Agency of Garden City, New York was appointed to Bovie Medical Corporation’s board of directors. Mr. Madden is also a member of several title insurance industry associations as well as a board member of numerous charities. He will also serve on Bovie’s audit committee.
“We are pleased to have Mr. Madden join Bovie’s board of directors. His diverse business background will be an asset to the Company and our shareholders,” stated Andrew Makrides, president of Bovie.
Bovie Medical Corporation Announces Development And Manufacturing Agreement
For New Electrosurgical Generators: Significant Future Revenues Anticipated
For New Electrosurgical Generators: Significant Future Revenues Anticipated
Melville, New York, September 17, 2003
Bovie Medical Corporation (“the Company”) (OTC Bulletin Board: BOVI), a premier manufacturer and marketer of electrosurgery products today announced that it has entered into an exclusive multi-year and multi-product development and manufacturing agreement with a large medical company. The agreement provides for a payment to Bovie in excess of $500,000 during the development phase of the contract. The Company anticipates the manufacturing phase of the agreement to commence in late 2004 or early 2005. No further details were announced.
A Bovie spokesperson stated, “We are looking forward to a mutually beneficial long term relationship with one of the premier medical companies in the United States. The agreement provides for the development and manufacture of sophisticated proprietary electrosurgical generators; thus, validating Bovie’s ability to develop customized technologies to meet specific market needs. The Company believes that the revenue generated from this agreement will have a significant positive impact on Bovie’s financial performance commencing in the later part of fiscal 2004 or early 2005.”
In other news, the Company announced it has leased an additional 20,000 square feet of manufacturing, office and warehouse space to meet current and future growth.
Bovie Medical Corporation Expects to Report Record Second Quarter And
Sixth Month Revenues; Announces The Formation Of A Scientific Advisory Board
Sixth Month Revenues; Announces The Formation Of A Scientific Advisory Board
Melville, New York, July 7, 2003
Bovie Medical Corporation (“the Company”) (OTC Bulletin Board: BOVI), a premier manufacturer and marketer of electrosurgery products announced that it expects to report record revenues and continued profitability for both its second quarter and six months periods when compared to the same periods last year. For the three months ended June 30, 2003 sales were led by the electrosurgical product line; marking the first time that this area surpassed all other segments of Bovie’s businesses.
The Company also announced the formation of a scientific advisory board to assist in the advancement of new products and technologies. The advisory board includes: Yuval Carmel, Ph.D., Peter M. Pardoll, MD and Mr. Gregory Konesky.
Dr. Yuval Carmel is a senior research scientist at the University of Maryland. Dr. Carmel has over 20 years of research and development experience in the areas of advanced electrosurgical equipment for medical applications, physics of plasma, applied physics, electromagnetics and electro-physics. He has published over 90 papers in scientific journals, a holder of three patents and five pending patents.
Dr. Peter Pardoll is a Gastroenterologist and the president of Medical Education Associates (MEA), a healthcare consulting group. Dr. Pardoll is a trustee of the Board of the American College of Gastroenterology, past president of the Florida Gastroenterology Society and current president of the National GI Political Action Committee as well as a practicing physician at the Center for Digestive Diseases in St. Petersburg, Florida.
Mr. Gregory Konesky has been Bovie’s lead scientist in new product development for J-Plasma, advanced plasma applicator designs, plasma physics research and other electrosurgical products. Mr. Konesky has published over 13 scientific papers, holds one patent, with another pending. He has also presented at a variety of scientific forums over the past several years as well as being a member of over 10 scientific societies.
Commenting on the advisory board, Andrew Makrides president of Bovie Medical said, “The ability of Bovie Medical to attract individuals who are highly respected in their field, speaks volumes for the reputation Bovie has developed over the years. Their expertise within the medical and scientific communities will be a valuable asset to the Company, as we continue to expand our technologies into new markets.”
Bovie Medical Corporation Announces Record First Quarter As
Revenues Increased 23 Percent: Company Returns To Profitability
Revenues Increased 23 Percent: Company Returns To Profitability
Melville, New York, May 13, 2003
Bovie Medical Corporation (“the Company”) (OTC Bulletin Board: BOVI), a premier manufacturer and marketer of electrosurgery products today announced its financial results for the first quarter endedMarch 31, 2003.
Revenues increased to $3.7 million representing a 23% increase over the $3.0 million recorded in the comparable period last year. The increase in revenues resulted in a turnaround to profitability, as the Company reported net income of $56,000 compared to a net loss of $(54,456) for the first quarter of fiscal 2002.
Commenting on the results, Andrew Makrides, president of Bovie Medical, stated, “Our strategy of developing a full line of electrosurgical generators continues to drive our revenue growth. Sales from the previously announced FDA cleared IDS-300 electrosurgical generator began to have a positive impact on overall sales towards the end of the first quarter. The first quarter marked the highest revenue quarter in Company history and we remain optimistic that revenues will continue to grow over the foreseeable future.”
He added, “The double-digit increase in revenues allows us to continue to invest in new product development, while generating improved bottom line performance.
Bovie Medical Corporation Announces 2002 Financial Results
Record Revenues Of $12.4 Million And Anticipates Record First Quarter Revenues
Record Revenues Of $12.4 Million And Anticipates Record First Quarter Revenues
Melville, New York, April 1, 2003
Bovie Medical Corporation (“the Company”) (OTC Bulletin Board: BOVI), a premier manufacturer and marketer of electrosurgery products today announced its financial results for the fiscal year ended December 31, 2002.
Revenues increased to a record $12.4 million representing an 8% increase over the $11.5 million recorded last year. The Company reported a loss of $514,765 or $.04 per share loss compared to net income of $784,293 or $.06 per share in 2001. The year's loss is primarily attributed to a one time write off of outdated inventory of $332,000 and a substantial increase of $589,000 in research and development over the previous year.
Commenting on the results, Andrew Makrides, president of Bovie Medical, stated, “During fiscal 2002, Bovie Medical accomplished several milestones. In addition to achieving our sixth consecutive year of record revenues, we were successful in developing several advanced new electrosurgical products, which will positively impact the Company's overall future performance. Our record sales continued to reflect the strength in our electrosurgical products, which has accelerated after the recent clearance by the FDA to market Bovie’s IDS-300. The Bovie IDS-300 is a fully digital electrosurgical generator designed for the operating room and surgi-center marketplace.”
Management remains confident that the Company will continue to deliver new products to the marketplace as well as increase revenues and return to profitability.
HIDA (Health Industry Distributors Association) Selects Bovie Medical Corp's
Subsidiary Aaron Medical for Manufacturer Excellence In Service Award
Subsidiary Aaron Medical for Manufacturer Excellence In Service Award
Melville, New York, March 20, 2003
Bovie Medical Corporation (the Company) (OTC Bulletin Board: BOVI), a premier manufacturer and marketer of electrosurgery products, today announced that the Company was selected the winner of the prestigious Manufacturer Excellence in Service Award (MESA) for the physician market, by the Health Industry Distributors Association (HIDA), at its annual executive conference, March 12-15 in Bonita Springs, FL. Bovie is one of approximately 2000 medical manufacturers that market their products through medical distributors to the physician marketplace.
Created in 1995, MESA recognizes medical/surgical products manufacturers who support distributor efforts by providing the highest level of service in three selected markets: physician, hospital, and long term care.
Past winners include: Johnson & Johnson (NYSE: JNJ), 3M Healthcare (NYSE:MMM), Kimberly-Clark (NYSE: KMB), Graham Medical, Midmark and Cypress Medical.
Mr. Rob Saron, president of Bovie Medical’s subsidiary Aaron Medical, said, “We are very proud to receive the Manufacturer Excellence in Service Award. It demonstrates that the commitment and resources dedicated to serving our customers continue to pay dividends. The recognition is even more satisfying considering the other nominees and past winners are substantially larger and more widely known companies.”
Bovie Medical Corporation Announces FDA Clearance To Market
The Bovie IDS-300, A 300-Watt Electrosurgical Generator: Anticipates
Contributing In Excess of $2.0 Million to FY 2003 Revenues
The Bovie IDS-300, A 300-Watt Electrosurgical Generator: Anticipates
Contributing In Excess of $2.0 Million to FY 2003 Revenues
Melville, New York, February 13, 2003
Bovie Medical Corporation (the Company) (OTC Bulletin Board: BOVI), a manufacturer and marketer of electrosurgery products today announced that it has received clearance from the U. S. Food and Drug Administration (FDA) to commence manufacturing and marketing of the Bovie IDS-300 for use in general surgeries and other minimally invasive surgical procedures.
The high frequency generator features both monpolar and bipolar functions combined with 300 watts of cutting power. The Bovie IDS-300 was specifically designed for today's operating room and surgi-center market. Deliveries of the IDS-300 will commence during the first quarter of FY 2003, and are expected to contribute in excess of $2.0 million to Bovie's current fiscal year revenues.
The FDA clearance places Bovie in a solid position to maximize the reputation of the "Bovie" name in electrosurgery. Early demand for the Bovie IDS-300 generator, which is a fully-digital electrosurgical unit with many physician friendly features, indicates that FY 2003 will be one of increased sales and profitability.
The Company also announced that it expects to report increased revenues for FY 2002. Revenues for FY 2001 were $11.5 million.